Japan GDP beats forecasts with 12.7% annualized rise for Q4

TOKYO -- Japan's economy grew 12.7% on the quarter in the October-December period in annualized real terms, continuing its recovery from the coronavirus pandemic, preliminary data showed on Monday.

The country's real gross domestic product shrank 4.8% for the full 2020, according to the Cabinet Office -- the first contraction since a 5.7% plunge seen in the global financial crisis days of 2009. But the 2020 result was significantly better than the International Monetary Fund's prediction in October of a 5.3% drop.